Philippines posted a PHP 67.3 bln budget surplus in April 2025, up from PHP 42.7 bln a year earlier. Revenues dropped 2.8% YoY due to a 68% fall in non-tax income, while spending declined 8% on lower subsidies and interest payments. However, the YTD deficit widened to PHP 411.5 bln from PHP 229.9 bln.